Group 1 - The company has confirmed that it possesses tungsten reserves amounting to 16,500 tons as of the end of 2024 [2] - The information regarding the tungsten reserves was disclosed on the investor interaction platform [2] - Investors are encouraged to follow the company's regular reports and announcements for more related information [2]

Core Insights - The article emphasizes the importance of "global industrial chain restructuring" and "Chinese enterprises going abroad" as key investment themes, which are based on deep industry observation and long-term certainty rather than mere market trends [1][3] Investment Philosophy - The investment methodology of the fund manager, Fan Jialiang, focuses on identifying structural industry trends and selectively investing in companies with differentiated competitive advantages [1][3] - Fan's approach to overseas expansion of Chinese enterprises is characterized as "cluster-style going abroad," where core enterprises lead upstream and downstream collaboration for overseas capacity layout, creating stronger competitive barriers [4] Market Challenges and Opportunities - Researching overseas enterprises presents inherent challenges such as difficulty in information acquisition and complexity in cross-border operations, but these challenges create value opportunities for in-depth research [2][4] - Many high-quality companies' valuations do not fully reflect their long-term growth potential in overseas markets, presenting opportunities for professional investors [2] Currency and Economic Perspectives - Fan offers a different perspective on concerns regarding the RMB exchange rate, suggesting that reliance on low-cost subsidies is unsustainable, and potential currency changes may drive Chinese enterprises to upgrade their industries towards product differentiation and brand recognition [2][5] Fund Allocation and Strategy - The investment strategy is reflected in the management of the Southern Zhiyuan Mixed Fund, which has a 26.03% allocation in Hong Kong Stock Connect as of the end of Q4 2025, focusing on sectors that benefit from global supply chain restructuring and emerging market consumption upgrades [5] - The top ten holdings of the fund are centered around "upstream resources" and "overseas consumption/manufacturing," showcasing a concentrated investment style aligned with identified trends [5] Long-term Vision - Fan represents a type of fund manager who prioritizes understanding long-term industry changes over short-term market fluctuations, aiming to identify potential winners that can transition from "Made in China" to "Global Brands" over the next five to ten years [3][5]

1. Report Industry Investment Rating - Investment Rating: ★★ [5] 2. Core Viewpoints - Last week, the Iron Ore 2605 contract declined by 4.1%. The negative feedback of finished products on raw materials needs to be repaired. The pre - holiday raw material replenishment demand of steel mills has basically ended. The commodity market has been highly volatile recently, and there is strong pre - holiday risk - aversion sentiment. It is recommended to observe cautiously. For the operation strategy, it is advised to take a wait - and - see approach for single - sided trading, arbitrage, and options [4][5][33][34] 3. Summary by Directory 3.1 Market Information - In January 2026, China's Logistics Industry Prosperity Index was 51.2%, maintaining an expansion trend. Rio Tinto Group withdrew from the negotiation to acquire Glencore due to a failure to reach an agreement on valuation. Last week, in the commodity futures market, except for a 8.44% increase in gold prices, other major commodity futures prices declined, with tin having the highest decline of 9.24%. In the global stock market, Chinese and US stocks generally declined, while European stocks rose. China's Science and Technology Innovation 50 Index had the highest decline of 5.76%, and France's CAC 40 Index had the highest increase of 2.5%. In the foreign exchange market, the US dollar index closed at 97.68, up 0.55%. In late January, the average daily output of crude steel of key steel - producing enterprises was 1.935 million tons, a 2.2% decline from the previous period; the steel inventory was 14.71 million tons, an 8.8% decline from the previous ten - day period and a 4.0% increase from the beginning of the year [14] 3.2 Supply - side Situation - As of December 2025, the import volume of iron ore and concentrates was 119.65 million tons, an increase of 9.11 million tons from the previous month; the import average price was $101.16 per ton, a decrease of $0.33 from the previous month. Australia's iron ore shipment volume was 71.393 million tons, an increase of 9.544 million tons from the previous month; Brazil's iron ore shipment volume was 27.635 million tons, a decrease of 3.328 million tons from the first half of the month [19][23] 3.3 Demand - side Situation - The report mentions the daily hot - metal output of 247 steel mills, the profitability of 247 steel mills, and the Shanghai terminal wire - rod procurement volume, but specific data analysis is not provided in the given text [24][26][30] 3.4 Fundamental Analysis - Last week, the blast - furnace operating rate of 247 steel mills was 79.53%, a 0.53% increase from the previous week and a 1.55% increase year - on - year. The blast - furnace iron - making capacity utilization rate was 85.69%, a 0.22% increase from the previous week and a 0.07% decrease year - on - year. The steel - mill profitability was 39.39%, unchanged from the previous week and a 12.13% decrease year - on - year. The daily hot - metal output was 2.2858 million tons, an increase of 0.006 million tons from the previous week and an increase of 0.00014 million tons year - on - year. The total inventory of imported iron ore at 45 ports was 171.4071 million tons, an increase of 1.1845 million tons from the previous week; the daily port - clearance volume was 3.4108 million tons, an increase of 0.0877 million tons; the number of ships at ports was 111, an increase of 5. The total inventory of imported iron ore at 47 ports was 179.1468 million tons, an increase of 1.5642 million tons from the previous week; the daily port - clearance volume was 3.5758 million tons, an increase of 0.0987 million tons. Due to the threat of a hurricane, several major iron - ore export ports in Western Australia are clearing [31][32] 3.5 Market Outlook and Operation Strategy - The negative feedback of finished products on raw materials needs to be repaired. The pre - holiday raw material replenishment demand of steel mills has basically ended. The commodity market has been highly volatile recently, and there is strong pre - holiday risk - aversion sentiment. It is recommended to observe cautiously. The operation strategy is to wait and see for single - sided trading, arbitrage, and options [33][34]

Group 1: Development Goals and Framework - The State-owned Assets Supervision and Administration Commission (SASAC) has set the annual development goals centered on "two guarantees and two strives" for 2026, marking a shift towards quality and efficiency in state-owned enterprises (SOEs) [4] - The total assets of central enterprises have surpassed 95 trillion yuan, with R&D investment exceeding 1 trillion yuan for four consecutive years, indicating a focus on quality-driven growth [8] - The framework aims to guide state capital towards strategic security, public welfare, and emerging industries, providing a clear action plan for reform and development [4] Group 2: Industry Integration and Collaboration - In 2025, the restructuring of central enterprises will follow a dual-track approach, focusing on strategic formation of new central enterprises and multi-field professional integration [13] - The establishment of new central enterprises, such as China Yajiang Group and China Chang'an Automobile Group, aims to serve national macro strategies and enhance industry collaboration [14] - A total of 17 units signed agreements in key areas like artificial intelligence and new materials, creating a multi-party collaborative model involving central enterprises, private enterprises, and local governments [16] Group 3: Capital Investment and Fund Management - The total scale of the China Chengtong fund system reached 710 billion yuan, with 97.99% allocated to strategic emerging industries, demonstrating a strong focus on high-tech sectors [18] - The National Investment Group manages 61 funds with a total scale of 345.1 billion yuan, having invested in 1,249 projects and facilitated 293 companies going public [20] - The investment strategy emphasizes long-term support for innovative enterprises, with over two-thirds of funds directed towards private enterprises [20] Group 4: Resource Integration and Security - Central enterprises are undergoing intensive integration in key mineral sectors, such as iron ore and rare earths, to enhance resource control and pricing power [24] - The integration aims to create a closed-loop industry chain, improving domestic supply security and reducing reliance on imports [25] - This strategic move is seen as a vital step in ensuring national resource security and enhancing the global influence of China's mineral resources [24]

Core Viewpoint - Zijin Mining (601899)(02899) has announced its strategic plan for the next three years and a long-term vision for 2035, aiming to become a leading international mining group with a focus on green and high-tech operations [1] Group 1: Strategic Planning - The company will hold its 4th interim meeting of the 9th Board of Directors on February 8, 2026, to discuss the production planning for major mineral products from 2026 to 2028 [1] - The planning includes specific production targets for major mineral products, aiming for significant improvements in resource reserves, production, sales revenue, asset scale, and profit by 2028 [1] Group 2: Long-term Vision - By 2035, the company aims to achieve leapfrog growth in key indicators compared to 2025, with some metrics reaching a global leading position [1] - The long-term goal is to fully establish a "green high-tech super first-class international mining group" [1] Group 3: Market Performance - The stock price of Zijin Mining increased by over 4% during trading, with a current price of 40.52 HKD and a trading volume of 1.236 billion HKD [1]

Group 1 - The core viewpoint of the article is that Jiaxin International Resources (03858) has reported a significant turnaround in its financial performance, expecting a net profit attributable to equity holders of approximately HKD 300 million to HKD 340 million for the year ending December 31, marking a shift from loss to profit [1] - The expected turnaround is primarily due to the group not having commenced operations in 2024, resulting in no revenue generation and previous losses. The company is set to begin commercial production in April 2025, which will lead to the first revenue generation and profit for the current fiscal year [1] - The stock price of Jiaxin International Resources has increased by over 6%, reaching HKD 83.3, with a trading volume of HKD 34.116 million [1] Group 2 - The tungsten market is experiencing a tight supply and high price environment, with prices for 65% black tungsten concentrate reported at RMB 685,000 per standard ton, an increase of 48.9% since the beginning of the year [1] - Ammonium paratungstate (APT) prices are reported at RMB 1,000,000 per ton, reflecting a 49.3% increase since the start of the year [1] - Market focus is shifting from transactions to expectations for the post-holiday period as the last trading week before the Spring Festival continues to show strong pricing trends [1]

Report Summary 1. Report's Industry Investment Rating - No information provided on the industry investment rating. 2. Report's Core View - The report indicates that the restocking of iron ore is nearing its end, and the demand outlook is weakening [1]. The trend intensity of iron ore is -1, suggesting a bearish view, with -2 being the most bearish and 2 the most bullish [2]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: The closing price of I2605 was 760.5 yuan/ton, down 8.0 yuan/ton (-1.04%). The持仓量 was 514,745 hands, a decrease of 10,368 hands [1]. - **Spot Prices**: Imported ore prices, including Carajás fines (65%), PB fines (61.5%), Jinbuba fines (61%), and Super Special fines (56.5%), all declined. The prices of domestic ore from Hanxing (66%) and Laiwu (65%) remained unchanged [1]. - **Basis and Spreads**: The basis of I2605 against Super Special fines increased by 1.5 yuan/ton, while against Jinbuba fines decreased by 0.6 yuan/ton. The spreads I2605 - I2609 increased by 0.5 yuan/ton, and I2609 - I2701 remained unchanged. The spreads between different ore types also changed slightly [1]. 3.2 Macro and Industry News - China's January RatingDog manufacturing PMI was 50.3, in line with expectations and up from the previous value of 50.1 [1]. - Multiple real - estate enterprise representatives stated that most companies are no longer required by regulatory authorities to report the "Three Red Lines" indicators monthly, but some troubled real - estate enterprises are required to regularly report financial indicators such as asset - liability ratio to the special team in the city where their headquarters are located [1]. 3.3 Trend Intensity - The trend intensity of iron ore is -1, within the range of [-2, 2], indicating a bearish sentiment [2].

Group 1 - The company has been questioned by investors regarding the delay in announcing the acquisition of the Nimu Copper Mine equity and the resumption plans [1] - Tibet Mining (000762.SZ) responded on February 9 that Nimu Copper Industry is a subsidiary of its controlling shareholder [1]

Core Points - The United States, in collaboration with the EU, Japan, and Mexico, is implementing a critical minerals strategy essential for defense and high-tech industries [1][2] - A joint action plan will be developed to enhance the resilience of critical mineral supply chains, including trade policies and mechanisms such as country-specific minimum prices [1][2] - A multilateral agreement on critical mineral trade is anticipated to be established among like-minded partners within 30 days [2][3] Group 1 - The U.S. and Mexico have reached a partnership agreement to address vulnerabilities in critical mineral supply chains, with a 60-day action plan focusing on trade policies [3] - The action plan will include negotiations on minimum prices within binding multilateral agreements [3] - The collaboration between the U.S. and Mexico highlights their commitment to addressing global market distortions that threaten North American supply chains [3] Group 2 - The international critical mineral market is currently unstable, with unpredictable price fluctuations and challenges in sustaining investment [2][3] - A proposal was made to establish a "preferential trade center" to mitigate external disruptions and reach consensus on minimum prices [4]

Report Industry Investment Ratings Not provided in the given content. Core Views of the Report - The geopolitical situation remains complex, with ongoing negotiations between the US and Iran, and the market is in a state of high volatility [3][17]. - The stock market has low trading volume before the Spring Festival, and inflation data is worthy of attention. If inflation rises and the structure is good, the macro - situation this year may be more optimistic [4][28]. - Metal prices are under pressure due to factors such as price declines and inventory accumulation, but different metals have different trends and investment suggestions [5][34][40]. - For agricultural products, the supply and demand situation varies, and different investment strategies are proposed for different products [43][47][53]. - Energy prices are affected by geopolitical factors, with oil prices maintaining a high - level shock [7][80]. Summaries According to Related Catalogs 1. Financial News and Reviews 1.1 Macro Strategy (Gold) - China's gold reserves at the end of January 2026 were reported at 74.19 million ounces, increasing for the 15th consecutive month. After the first round of US - Iran negotiations, the subsequent negotiations will continue. The impact of CME's margin increase has been basically digested, and bottom - fishing funds have appeared. The overall volatility of precious metals is still high, especially for silver. It is recommended to wait for the volatility to decline before making long - term investments [13]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The US - Iran indirect negotiation in Oman ended without an agreement, and the geopolitical situation remains complex. The US Treasury Secretary believes that the Fed will not rush to reduce the balance sheet. It is expected that the US dollar index will fluctuate [17]. 1.3 Macro Strategy (US Stock Index Futures) - The demand for AI infrastructure is strong, and hardware suppliers have stronger pricing power. However, the downstream application end faces greater cost pressure, and the US stock market is expected to remain in a high - level shock [22]. 1.4 Macro Strategy (Treasury Bond Futures) - The central bank conducted reverse repurchase operations, and the net withdrawal of funds was 14.6 billion yuan. The bond market's hedging attribute was activated, and Treasury bond futures fluctuated upward. It is recommended to moderately pay attention to the opportunity of short - selling T at high prices [25]. 1.5 Macro Strategy (Stock Index Futures) - The State Council executive meeting studied measures to promote effective investment. The stock market trading volume has shrunk, and there are relatively few opportunities before the Spring Festival. It is recommended to continue to hold long - term stock index strategies [28]. 2. Commodity News and Reviews 2.1 Black Metal (Steam Coal) - The price of Indonesian low - calorie steam coal is running strongly. It is expected that the price of imported coal will continue to be strong in the short term, and the Indonesian policy will have a bottom - consolidating effect, but the upward elasticity is limited [30][31]. 2.2 Black Metal (Iron Ore) - Anglo American raised its iron ore production target for 2026. The iron ore price has weakened significantly this week, and it is expected to maintain a weak shock pattern around the Spring Festival. The lower space is limited, and the price is expected to be in a weak shock [34]. 2.3 Black Metal (Rebar/Hot - Rolled Coil) - In January 2026, China's excavator sales increased by 49.5% year - on - year. The steel price is under pressure due to price declines and inventory accumulation. It is recommended to adopt a shock - thinking approach and pay attention to risks with a light position before the Spring Festival [36][40]. 2.4 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The actual soybean crushing volume of domestic oil mills increased last week, and the estimated crushing volume will decrease this week. The price of Malaysian palm oil is in a short - term decline. It is recommended to control positions and pay attention to the MPOB report and the POC conference [42][43]. 2.5 Agricultural Products (Sugar) - Brazil's sugar exports in January decreased year - on - year, and the sugar production in the first half of January in the central and southern regions decreased by 32% year - on - year. The hedging progress of Brazilian sugar mills is far lower than that of the same period last year. It is expected that the domestic sugar price will be in a low - level shock in the short term [45][47]. 2.6 Agricultural Products (Cotton) - Pakistan's cotton industry is facing challenges due to the reduction of tariffs on Indian products by the US and the EU. The cotton planting cost in Xinjiang may increase in 2026. The US cotton export data shows that the signing and shipping performance is good. It is expected that the cotton price will be in a shock pattern around the Spring Festival [49][53]. 2.7 Agricultural Products (Soybean Meal) - Brazil's soybean harvest progress is faster than that of the same period last year. The soybean crushing volume of domestic oil mills was high last week and is expected to decrease this week. It is expected that the soybean meal futures price will be in a shock pattern, and attention should be paid to the weather in Argentina and China's actual purchase of US soybeans [55][57]. 2.8 Non - ferrous Metals (Lithium Carbonate) - Australian lithium mines have increased their production guidance. The export of lithium carbonate and lithium hydroxide from Chile in January increased month - on - month. It is expected that lithium carbonate will continue to destock in February. It is recommended to take a bullish view and pay attention to the opportunity of going long at low prices after the position and volatility are stable [58][60]. 2.9 Non - ferrous Metals (Copper) - Brazil's key mineral investment is surging, and copper is the most attractive key mineral. The 125,000 - ton/year cathode copper refining project of Liangshan Copper Industry is expected to start trial production in March. It is expected that the copper price will be in a short - term shock, and it is recommended to arrange long - term positions at low prices [62][64]. 2.10 Non - ferrous Metals (Lead) - The primary lead production decreased significantly last week, and the secondary lead production also decreased. The demand for lead - acid batteries is seasonally weak, and the social inventory is expected to increase seasonally. It is recommended to wait and see [65]. 2.11 Non - ferrous Metals (Zinc) - The zinc smelting profit has decreased significantly, and the demand is seasonally weak. The domestic social inventory has increased significantly. It is recommended to wait and see in the short term and use call options instead for unilateral operations [68]. 2.12 Non - ferrous Metals (Tin) - The price of Shanghai tin decreased last week, and the inventory decreased. The supply of tin is expected to be less tight, but there are still uncertainties. The demand is weak. It is expected that the price will be in a wide - range shock [71][74]. 2.13 Energy and Chemicals (Liquefied Petroleum Gas) - The operating rate of PDH increased. The LPG price is fluctuating due to the Iran issue. The port inventory in China is at a low level. It is recommended to wait and see [75]. 2.14 Energy and Chemicals (Carbon Emissions) - The EU carbon price has continued to decline. It is expected that the price will have a small - scale rebound, but there are still more bearish factors. It is expected that the EU carbon price will be in a wide - range shock [77]. 2.15 Energy and Chemicals (Crude Oil) - The number of US oil rigs increased. The second round of US - Iran negotiations is expected to be held in the next few days. The geopolitical conflict supports the oil price, and it is expected to maintain a high - level shock in the short term [79][80]. 2.16 Shipping Index (Container Freight Rate) - New container ship orders have been placed. The decline of the spot price has slowed down before the Spring Festival. Some shipping companies have issued price increase notices. It is recommended to view the market with a strong - shock thinking and wait and see [82].